Eurozone manufacturing picked up a bit. The Eurozone's January manufacturing PMI came in at 51, up from 50.6 in December and in line with an earlier flash estimate. "Improvements in business conditions were seen in Germany, Spain, the Netherlands and Ireland during January, with solid growth again signaled for the latter three. Moreover, growth strengthened in Spain and the Netherlands," Markit Economics said in a statement.

UK manufacturing is growing at a healthy clip. The UK's manufacturing PMI climbed to 53.0 in January from 52.7 in December. "The domestic market remains the main growth driver, as the UK economic recovery provides a steady stream of new business," Markit's Rob Dobson said. "There were also signs of improvement in overseas markets, with new export orders posting the first meaningful gain for five months, but it still looks as if lackluster demand from the eurozone in particular remained a headwind for British manufacturers."

Markets aren't doing much. In Europe, Britain's FTSE 100 is up 0.2%, France's CAC 40 is up 0.1%, and Germany's DAX is up 0.4%. Japan's Nikkei closed down 0.66%, and Hong Kong's Hang Seng closed down 0.1%. US futures are up modestly, with Dow futures up 61 points and S&P futures up 6.9 points.

Obama wants a tax on foreign corporate earnings. "President Barack Obama's fiscal 2016 budget would impose a one-time 14% tax on some $2 trillion of untaxed foreign earnings accumulated by US companies abroad and use that to fund infrastructure projects," Reuters' Jeff Mason reported. "In the future, the budget proposes that US companies pay a 19 percent tax on all of their foreign earnings as they are earned, while a tax credit would be issued for foreign taxes paid."

Recalled cars get recalled again. "US transport authorities have recalled more than two million Toyota, Chrysler and Honda vehicles for a second time over faulty airbags that may inadvertently inflate while the car is running," AFP reported. "The US National Highway Traffic Safety Administration said Saturday the recall was issued following the unexpected deployment of airbags in about 40 cars that had already been fixed under a previous recall."